U.S. Bank taps J.P. Morgan vet as new Chicago market leader

(Crain's) — A 33-year veteran of J. P. Morgan Chase & Co., going back to First Chicago Corp. days, is joining U.S. Bank N.A. as market president in Chicago.

Marsha Cruzan, who started her career at First Chicago in 1979 and most recently was a managing director in J.P. Morgan's wealth management group, replaces Lynn Rosinsky, who has left the bank, Minneapolis-based U.S. Bank announced today.

“Marsha has a tremendous track record as a leader in the financial services industry and in the Chicago market,” Kenneth Ladd, U.S. Bank executive vice president and commercial banking chief, said in a news release. “Chicago is an important market for U.S. Bank and one where we have grown significantly in recent years.”

Ms. Cruzan has years of experience as a business lender. She was head of syndicated leveraged finance for J. P. Morgan's commercial bank until 2008, when she moved to wealth management.

U.S. Bank is the nation's fifth-largest bank by deposits and has 81 branches and more than 1,670 employees in the Chicago area. It was the 12th-largest deposit holder in Chicago as of June 30, the most recent data available, with $5.8 billion, or 1.97 percent of the market.

U.S. Bank beefed up its local presence considerably in 2009 when it acquired the assets and deposits of failed Park National Bank, the Chicago-based flagship of one-time banking magnate Michael Kelly, from the Federal Deposit Insurance Corp.